Daily Gold News: Thursday, Mar. 3 – Gold Price Remains Close to Local Highs

The gold futures contract lost 1.11% on Wednesday, Mar. 2 after gaining 2.3% on Tuesday, as it continued to trade within a consolidation. The Russia-Ukraine conflict is still dominating the news and it causes volatility on the markets. This morning gold is trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.3% higher this morning, as it is trading along the $1,940 price level. What about the other precious metals? Silver is 0.2% higher, platinum is 1.6% higher and palladium is 2.5% higher. So the main precious metals’ prices are slightly higher this morning.

Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at +475,000. Today we will get the Unemployment Claims, ISM Services PMI releases, among others. There will also be a testimony from the Fed Chair Powell at 10:00 a.m. The markets will continue to react to the ongoing Russia-Ukraine war news.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Thursday, March 3

• 7:30 a.m. U.S. – Challenger Job Cuts y/y
• 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – Fed Chair Powell Testifies, ISM Services PMI, Factory Orders m/m
• 11:30 a.m. Canada – BOC Governor Macklem Speech
• 6:00 p.m. U.S. – FOMC Member Williams Speech

Friday, March 4

• 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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